Judge orders Kentucky pension agency to release report about hedge fund deals
A judge has ordered Kentucky’s state pension agency to release a suppressed report about possible fraud in its controversial hedge fund investments, ruling that taxpayers deserve to see a report that cost them
“The public paid
In 2020, the
The suits claim that several hedge fund dealers cheated the KPPA on
After initially saying that Calcaterra Pollack’s report would be shared with the public, the KPPA rejected requests by many — including the
The KPPA cited a number of exemptions in the open records law, including attorney-client privilege and the work product doctrine, the privacy shield that documents typically enjoy if they are produced by attorneys in preparation for a possible trial.
But Franklin Circuit Judge
The KPPA waived attorney-client privilege when it shared the report last year with the
Shepherd, who has reviewed the report privately, said much of it consists of a collection of publicly available documents, including KPPA committee transcripts, internal KPPA investment records and newspaper articles — none of it privileged material.
“A compilation of facts cannot be funneled through attorneys in order to confer privilege on otherwise unprivileged records,” Shepherd wrote.
“In short,” he wrote, “a full review of the Calcaterra Pollack report gives rise to questions as to whether the purpose and intent of the report was to fully expose all the relevant facts (and to determine if the KPPA and its employees made mistakes), or if the report was commissioned to cover up or minimize those mistakes in an effort to convince the (attorney general) to not pursue claims that could prove embarrassing to the current or former management of KPPA.”
The two plaintiffs who brought the winning open records challenges were
In an interview Thursday, Cohen said his client — former pension system trustee
In his rulings, Shepherd said he observed what he called “a questionable bid solicitation process” behind the KPPA’s awarding of the investigative contract to Calcaterra Pollack.
Based on his review of KPPA records, he wrote, the law firm submitted two separate but “substantially identical” proposals for the work, the first of them dated
The KPPA is responsible for providing retirement benefits to more than 400,000 state and local government employees and retirees around
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KY pension agency might join suit claiming deception in
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